Hardmac (Macbidouille) reports that the government of Japan has decided to pool the (relevant) resources of "the majority of its electronic industrialists" to produce a Japanese cpu by 2012.
This peculiarly Japanese development, something that certainly couldn't happen in this country and probably couldn't even happen in China, is most apt to succeed in the same market segment where the TRON RTOS project has succeeded, i.e. in small portable devices and embedded systems.
No doubt the project will be informed by the ecosystem which has grown up around the ARM architecture, widely regarded as the current performance per watt champ. Several Japanese corporations already participate in that ecosystem, and they should be bringing that experience to the project. The project might even choose to concentrate on advancing ARM, which would be game changing, but even if not it's likely that any significant new developments will find their way back to ARM, as those corporations apply what they learn to what they're already doing.